A three-property A Self Storage portfolio in Arizona recently sold for $5.5 million to a Portland, Ore., investor. The seller was a group of investors from northern California. Two of the properties are in Mesa, and the third is in Glendale. The portfolio consists of 177,185 square feet of storage space in 1,695 units.
All three storage facilities had occupancy rates of less than 50 percent at the time of sale, according to a press release from Rein & Grossoehme Commercial Real Estate, which brokered the deal. They sold for a combined capitalization rate of 2.6 percent and a cost per square foot of just under $31.
Rein & Grossoehme brokers Bill Alter and Denise Nunez represented the buyer and seller in the transaction, their 138th self-storage closing. Founded in 1993, the company specializes in the sale of investment properties and retail, office and industrial leasing.
